Bitcoin (BTC) Price Watch- Nearby Inflection Points to Watch

Bitcoin Price Key Highlights

Bitcoin price continues to crawl higher and is moving closer to completing its double bottom.
Once completed, price would need to break past the neckline at $8,400 to confirm a long-term uptrend.
Corrections from the climb could find support at the short-term rising trend line that held since last month.

Bitcoin price is slowly moving up to form a double bottom reversal pattern, and a neckline break could lead to more gains.

Technical Indicators Signals

The 100 SMA is also completing its bullish crossover from the 200 SMA to indicate that the path of least resistance is to the upside. This would mean that the rally is more likely to resume than to reverse. Price is also moving above a rising trend line connecting the lows since mid-August and the moving averages could serve as dynamic support close to this area.

However, RSI is pointing down after recently reaching overbought territory, which means that selling pressure might still return. Similarly stochastic is on the move down so bitcoin price could follow suit while bearish pressure is in play.

Market Factors

In the absence of any major updates lately, bitcoin appears to be taking its cues from the improving sentiment in the industry. More and more analysts are renewing their bullish calls, with one group even predicting that it could reach $33,000 in 2019.

Furthermore, Satis ICO Advisory Research projects that bitcoin price could surge to $96,000 over the next five years then to $143,900 in 10 years. The firm is also bullish on Monero, predicting it will reach $18,000 over the next five years.

On the flip side, it is less optimistic about ethereum and litecoin while being bearish on Ripple, Bitcoin Cash, EOS. The report also wasn’t optimistic on utility tokens either, and this “weeding out” sentiment appears to be more favorable to bitcoin.

SARAH JENN | SEPTEMBER 4, 2018 | 4:19 AM

David

Bitcoin rebounds after recent bout of heavy selling

KUALA LUMPUR: Bitcoin staged a rebound at midday on Thursday, rising to a high of US$6,495 after falling sharply in recent days.

At midday, it was up US$233 to US$6,495.

Earlier Bloomberg reported that Bitcoin extended losses, bringing its four-session slide to as much as 20 percent, as questions mount about whether the world’s biggest cryptocurrency was manipulated during last year’s record price surge.

After rallying more than 1,400 percent in 2017 amid an investor frenzy for digital assets, Bitcoin is down almost 70 percent to around $6,238 as of 4:37 p.m. in New York on Wednesday, from its record high of $19,511 set in December. It traded at a few cents after being launched in 2009.

“Things have changed for Bitcoin and the crypto space,” said Craig Erlam, senior market analyst at online trading firm Oanda Corp. in London.

“There doesn’t seem to be as much hype, or positive news. Every time we get a negative news story now — after a period of consolidation — we don’t see bullish sentiment come in to support it. It’s almost as if people are waiting to sell it.’'

The virtual currency has struggled to reverse a selloff that coincides with negative news, most recently a study of possible price manipulation using the Tether coin. Bloomberg News reported in May that the Justice Department opened up a

criminal probe into illegal trading practices that can manipulate the price of Bitcoin and other cryptocurrencies.

Tether, one of the most-traded cryptocurrencies, shows a pattern of being spent on Bitcoin at pivotal moments, helping to drive the world’s first digital asset to a record price in December, according to research by a University of Texas professor known for flagging suspicious activity in the VIX benchmark.

Questions about Tether and Bitfinex have dogged the cryptocurrency world since last year when Bitfinex lost banking relationships yet continued to operate.

The U.S. Commodity Futures Trading Commission subpoenaed both firms in December, seeking proof that Tether is backed by a reserve of U.S. dollars, as it claims. Tether and Bitfinex haven’t been accused of wrongdoing.

The digital coin has closed below its 50-, 100- and 200-day moving averages for the past 16 days, the longest stretch below those support levels this year.

In other technical measures, Bitcoin’s relative-strength index has fallen below 30, a level often used in equities and some other asset classes as indicating oversold. It typically rises, snapping back above 30, in a matter of days, according to a five-year analysis.

Many of Bitcoin’s closest peers have also tumbled. Ethereum, the No. 2 coin by market value, and No. 3 Ripple have both dropped about 20 percent this week.

“The entire crypto space seems to be taking the hit now,” Erlam said. “For Bitcoin, $6,000 seems to be a support level now. If I’m bearish, I’m desperate to see it break below $6,000.” – Bloomberg

David

Crypto Watch -Price Drops for Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin

Following a rough and tumble week where most major cryptocurrencies and altcoins were trapped in the red, brief signs of recovery on Monday have reversed as Bitcoin, Ethereum, and Ripple continue to drop in price. Recent activity on the United States’ east coast also shows that hype surrounding digital currency and blockchain technology hasn’t died down, despite price dips and market volatility.

Bitcoin (BTC)

The father of cryptocurrencies is swiftly rising through the ranks and sits at $8,200 at press time. In just the last four days, the currency has spiked tremendously following a huge Thursday drop to $8,250 – the lowest it’s been since early April – from last weekend’s trading high of $9,800.

Bitcoin is down 5.77% over the past 24 hours.

One of the reasons for Monday’s spike may be the Coindesk Consensus Conference, which is a three-day event that began in New York on the morning of Monday, May 14. The event’s organizers expect to see over 8,500 visitors and are selling tickets for over $2,000 each. Overall, organizers are expecting revenue of roughly $17 million this year from ticket sales alone.

“It’s a bit chaotic here,” said Ronnie Moas, Conference attendee and head of the independent market research firm Standpoint Research. “I think they sold too many tickets.”

Reports have emerged that the line for entry saw attendees occupying both the lobby and second floor of the hotel where the Conference was taking place.

“I’ve never seen anything like this for registration,” says Jeff Denton, senior director of global secure supply chain at AmerisourceBergen in Philadelphia. Denton says he waited for over an hour to gain entry to the event. “It’s expensive, but it’s the largest conference in the U.S., so hopefully that brings the value for the cost.”

Ethereum (ETH)

Since our last price piece, ETH has experienced a price dip and is now trading for $686.90 – about the same from where it previously stood.

Ethereum is down 5.77% over the past 24 hours.

The Ethereum Ethereal Summit took place on May 11 and 12 as part of the state’s ongoing “Blockchain Week.” The two-day event saw several speakers, business owners and blockchain experts joining together to offer attendees information regarding the powers behind the blockchain and how it can assist in the decentralization of modern society.

The high attendance marks for both the Consensus and Ethereum events suggest that investor interest in cryptocurrency remains high despite ongoing volatility.

Ripple (XRP)

At press time, XRP is trading for 67 cents. This is about two cents lower than where the currency sat during our last price discussion.

Ripple is down 8.46% over the past 24 hours.

For the most part, big things appear to be happening for Ripple. The company recently announced its new “Xpring” initiative, in which executives are targeting entrepreneurs and startup ventures to build partnerships and expand the XRP ecosystem.

According to TechCrunch, the project will be a mixture of “investments, grants and incubation to lure companies and expand the use of XRP whilst allowing Ripple to focus on its financial services business.”

Bitcoin Cash (BCH)

Bitcoin Cash has witnessed a solid drop in its price since our last article. Previously trading at just over $1,400, the currency is now trading for about $1,253.86.

700

Bitcoin Cash is down 11.78% over the past 24 hours.

On Monday, the Winklevoss Twins announced they were adding Bitcoin Cash to their New York-based cryptocurrency platform Gemini Exchange.

While trading details (i.e. when the currency will be officially added) have not yet been released, the company has also stated that it will enable Zcash deposits beginning on May 19, making Gemini the first official Zcash trading platform in the U.S.

Litecoin (LTC)

Litecoin is trading for about $136. This marks a four-dollar decrease since our previous price piece.

Litecoin is down 6.51% over the past 24 hours

Litecoin will be joining Bitcoin Cash on the Gemini Exchange, and while details are scarce for now, the news may have instigated the currency’s

temporary rise beyond the $145 mark. CryptoSlate will bring you more on this story as it develops.

Market Summary

The total cryptocurrency market cap sits at $374 billion, roughly $12 billion lower than where it stood during our previous article.

While the market is showing signs of recovery, investors are warned that the volatility of the industry remains serious and that cryptocurrency figures are never “set in stone.” Thus, they should always remain cautious during trades, and only invest what they can afford to part with.

Author Nick Marinoff

Posted by David Ogden Entrepreneur

David

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS – Price Analysis, 4th May

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS - Price Analysis, 4th May

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS – Price Analysis, 4th May

Goldman Sachs, one of the biggest investment banks in the world, is taking the plunge into the exciting world of cryptocurrency trading. The bank’s decision was made because of the overwhelming client requests.

This is a very positive sign for the crypto market’s future along with the news about analysts from BlackRock, an American global investment management company, leaving the firm to fund a Blockchain-focused venture capital fund. Other places where the banks or institutions are still pondering over their decision, the analysts are quitting to open their own ventures. Investors plowing money into these funds shows a growing interest.

After the decline from the frothy levels in December 2017, the investors are getting a favorable entry opportunity. In the past few weeks, the volatility has also reduced, which is an added attraction to get in early.

While the number of crypto optimists has increased, there is no dearth of the naysayers as well. Economist Nouriel Roubini continued his criticism of cryptocurrencies. While he may have forecast the 2008 Financial crisis correctly, his crypto prediction seems to be way off.
But there are positive predictions as well. Alexis Ohanian, a co-founder of Reddit, claims that Ethereum is on its way to $15,000 this year.

We already hold a few positions. Let’s see if the charts present us any fresh buying opportunities?

BTC/USD
Bitcoin broke out of the small symmetrical triangle pattern and entered the ascending channel on May 03, which is a bullish sign. Currently, it is facing resistance close to the April 25 highs, but we remain bullish because it has not given up ground.

If the digital currency rises from the support line of the ascending channel, it increases the possibility of a break out above the immediate resistance zone of $9,800 to $10,000.

Following the breakout, the first target is $11,000, and the next target is $12,000. We anticipate a strong resistance at the $12,172.43 mark.

On the downside, if the BTC/USD pair breaks below the support line of the ascending channel, it can fall to $9,178 and then to the 20-day EMA, close to $9,000 levels.

The up move will be in danger only on a break below $9,000 levels. Therefore, we suggest raising the stops on the long positions from $8,600 to $8,900.

ETH/USD
Ethereum broke out of $745 on May 03, which completed a ‘V’ shaped bottom formation. This bullish set up has a pattern target of $1,130, with minor resistances at $900 and at $1,000.

On the downside, $745 will act as the first support. If this breaks, the bulls will defend the trendline close to $700 and the 20-day EMA at $645. The trend will turn bearish or range bound only if the ETH/USD pair sustains below $700.

Traders can wait for a retest of the breakout levels and buy if the $745 level holds. The stop loss can be placed just below the 20-day EMA at $640. Traders should confirm that the levels are holding before entering long positions. No trade should be initiated if the digital currency closes (UTC) below $700.

BCH/USD
Bitcoin Cash has reached close to the upper end of the range at $1,600, which should act as a stiff resistance. If the price fails to break out of this level, the range-bound action between $1,221 and $1,600 will continue.

The BCH/USD pair will become positive if the bulls break out and close (UTC) above $1,600. The immediate target objective is a move to $2,000; above it, the rally can extend to $2,400 levels.

Aggressive traders can buy on a close (UTC) above $1,600 and keep a close stop loss of $1,400. Due to numerous overhead resistances, we consider this as a risky trade, hence, keep the allocation size less than 50 percent of usual.

XRP/USD
Ripple continues to trade inside the range of $0.76 to $0.93777. A break out of this range will indicate bullishness, and a rally to $1.229 is likely.

If the XRP/USD pair fails to break out of $0.9377, a few more days of range-bound trading can be expected.

On the downside, support exists at the 20-day EMA and below that at the lower end of the range at $0.76.

The longer the cryptocurrency trades inside the range, the stronger will be the ensuing breakout. We propose waiting for it before entering any long positions.

XLM/USD
Stellar is facing a stiff resistance at the $0.47766719 mark. Though it has failed to cross above this level, it is undergoing a shallow pullback.

he XLM/USD pair should find support at the trendline, but if it breaks, a slide to $0.335 is probable. The negative divergence on the RSI is a bearish development, hence, traders should wait for a breakout and close (UTC) above the overhead resistance of $0.47766719 before initiating any long positions.

LTC/USD
After remaining in a tight range for the past few days, Litecoin finally scaled above the overhead resistance of $160 on May 03. However, it could not reach our target objective of $180, as the bears strongly defended the April 24 highs of $167.399.

If the LTC/USD pair doesn’t breakout within a couple of days, it will continue to be range bound. On the downside, any break of the $141 levels will be a negative sign.

Therefore, we suggest retaining the stops at $140. We shall trail the stops higher once the digital currency breaks out of $168.

ADA/BTC
Cardano has failed to extend its uptrend after breaking out of 0.00003445. We had suggested raising the stops higher if the virtual currency crosses above 0.000042 levels, but it did not happen.

The ADA/BTC pair should now find support at the 0.00003445 levels because there are three major supports close to it.

The first level is the horizontal support, the second one is the trendline support, and the third is the 20-day EMA.

We shall retain the stops at 0.000029 until we see a rally above 0.000042 levels.

Our target objective on the upside is a move to 0.000045, followed by 0.00005217 levels.

IOTA/USD
IOTA broke out of the overhead resistance at $2.2117 on May 02 and followed it with another up move on the next day. However, it couldn’t break out of the resistance line of the ascending channel.

Currently, the IOTA/USD pair is retesting the breakout levels of $2.2117. If the level holds, the bulls will try to break out of the channel and push prices towards $3 and $3.5.

If the digital currency breaks below $2.2117 but finds support close to $2 levels, then the ascending channel will be in play, and a move to the resistance line of the channel can be expected.

Due to the uncertainty, it is better to wait for a couple of days and then buy if the support levels hold. Presently, we don’t have any buy recommendation.

EOS/USD
EOS, after the recent rally, has entered into a period of consolidation. Though it found support at the 38.2 percent Fibonacci retracement level on May 01, it could not scale the $20 levels in the ensuing up move.

On the downside, $16 should act as a strong support, below which, the EOS/USD pair can slide to the 20-day EMA.

We shall wait for the consolidation to play out and a new buy setup to form before recommending any fresh long positions.

By Rakesh Upadhyay

David

Bitcoin, Ethereum, Ripple, Monero Prices Surge–Is The Train Leaving The Station Again

Bitcoin, Ethereum, Ripple, Monero Prices Surge--Is The Train Leaving The Station Again

Bitcoin, Ethereum, Ripple, Monero Prices Surge–Is The Train Leaving The Station Again

Shaking off a host of negative news, major cryptocurrencies like Bitcoin, Ethereum, Ripple and Monero continued to surge recently. Bitcoin is up 2.05% over the last 24 hours and 17.53% over the last seven days, Ethereum is up 1.95% and 21.74% over the same periods, while Ripple and Monero registered even higher gains—see table 1.

Table 1

7d Price Change For Major Cryptocurrencies

Cryptocurrency %24h %7d

Bitcoin 2.05 17.53

Ethereum 1.95 21.74

Ripple 5.47 37.56

Monero 14.45 35.84

Source: Coinmarketcap.com 4/18/18 at 4:30 p.m.

The cryptocurrency rally comes as markets shake off a host of negative news ranging from regulators cranking down on cryptocurrency exchanges to large Bitcoin sales by major investors, and tax sell-offs, and extends across the entire chain, with 96 out of the top 100 cryptocurrencies advancing—see table 2.

Table 2

Number of Cryptocurrencies That Advanced/Declined In The Top 100 Ranks

Cryptocurrencies Advance/Decline Number

Advance 96

Decline 4

Source: Coinmarketcap.com 4/18/18 at 4:30 a.m.

Does this mean that the cryptocurrency train is leaving the station?

Todd Rowan, President and CEO of Rewardstoken.io, thinks so.“Bitcoin is the current engine pulling the crypto train,” said Rowan.“It seems to have found traction post-tax season selloffs; this is good for everyone. Ethereum is finding strong support along with Ripple and others. Next week will tell us if we are leaving the station. We could be off for another bull run.”

Ben WayCEO of Digits.io also thinks so. For ICO’s with real value, that is. “The train has definitely left the station for entrepreneurs trying to do an ICO on the back of a napkin,” he says. “However just like the shakeout in the dot-com bust, the ICO's with real value and real technology and concepts will be in good shape…..this happens in almost every market at some point, next we will see the same in AI and Robotics.”

Michael Collins, Founder and CEO of GN Compass, is bullish on Bitcoin and Cardano. “After a four-month bear, there are now strong indications that we are heading towards a bull,” he notes. “Bitcoin dropping to about $6600 on the 5th of this month was probably the bottom for the year, its price will continue to climb and will probably hit a peak of $15,000 this year. Other coins are following suit with Cardano being the most impressive so far.”

And Roman Guelfi-GibbsCEO, Lead Systems DesignerPinnacle Brilliance Systems Inc. thinks that investors have little time to get aboard the cryptocurrency train. “Investors have some time to make up their minds before the train leaves the station, but they will have to decide soon,” hesays. Guelfi-Gibbs sees Bitcoin heading to 10k, once crossing the $8500 mark.

What about Ethereum? “Ethereum has been recovering nicely over the past two weeks and was able to surmount the $500 hurdle,” notes Guelfi-Gibbs. “Whereas Bitcoin has been subject to some while swings, Ethereum has been moving steadily upward. I would expect that trend to continue after a brief pullback to support.”

Panos Mourdoukoutas , CONTRIBUTOR

Posted by David Ogden Cryptocurrency Entrepreneur

David

A Bullish Sign Returns For Bitcoin, Ethereum, Ripple, EOS, And Other Cryptocurrencies

Major cryptocurrencies like Bitcoin, Ethereum, Ripple and EOS have been on fire lately. Over the last seven days, Bitcoin is up 21.80%, Ethereum is up 39.36%, Ripple is up 40.89% and EOS 51.84%–see table 1.

Table 1

7d Price Change For Major Cryptocurrencies

Cryptocurrency %7d

Bitcoin 21.80

Ethereum 39.36

Ripple 40.89

EOS 51.84

Source: Coinmarketcap.com 4/13/18 at 10:30 a.m.

The cryptocurrency rally extends across the entire chain. Only one cryptocurrency out of the top 100 dropped in the last seven days, while 99 advanced–see table 2.

Table 2

Number of Cryptocurrencies That Advanced/Declined In The Top 100 Ranks

Cryptocurrencies Advance/Decline Number

Advance 99

Decline 1

Source: Coinmarketcap.com 4/13/18 at 10:30 a.m.

And that’s the return of a bullish technical indicator that helped cryptocurrencies stage a big rally back at the end of last year.

Some cryptocurrency experts aren’t surprised by the renewed interest in cryptocurrencies. Matthew Spoke, CEO of AION and Founding Board Member of the Enterprise Ethereum Alliance is one of them. “The fundamentals have not changed,” says Spoke. “A large portion of the crypto market value is reflective of the real innovations happening around the world. Although investor confidence will sometimes falter, long term growth across the market will continue if you zoom out far enough. I’m very bullish for 2018.”

Larry Temlock, CFO and Co-Founder, Sun Exchange is another cryptocurrency bull. “In recent months, volatility masked the rising average intrinsic value of the top coins gained during the 4Q17 boom,” says Temlock. “All it took was a few events like Cambridge Analytica and an FBI raid to spur reversion to the (rising) mean. Advances like Lightning Network and other second layer tech will just keep those intrinsic value gains coming.”

Shidan Gouran sounds rather skeptical on the recent cryptocurrency rally, attributing it to the end of the taxing season.

"The recent upward swing in cryptocurrencies is an apparent symptom of tax season,” says Gouran. “It all follows a pretty logical pattern; people got their paychecks for the end of March, paid their bills, and realized they would need to have a certain amount of funds handy to pay their taxes – which many crypto traders will owe. If they'll come up short, they need to sell off some of their cryptocurrencies to pay their taxes. Hence, the big drop at the beginning of April, which was likely because of an excess of supply. Now that we're less than a week away from the April 17th deadline for US taxes, most people will know if they're getting a refund (or may even have gotten it already).“

And apparently, they rushed to invest that refund back into cryptocurrencies at “bargain” prices.

[Author. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don't own any Bitcoin.]

That means that new money is flowing into the entire sector rather than to major currencies only.

Author Panos Mourdoukoutas

Posted by David Ogden Entrepreneur
David ogden Cryptocurrency Entrepreneur

David

Crypto Week in Review – Bitcoin, Ethereum, Verge, Litecoin, Bitcoin Cash and Ripple Struggle

It has certainly been an up-and-down week for cryptocurrencies. Things started out relatively peaceful when allegations arose that the currency had somehow dominated its incoming “death cross,” and that the slump users had been witnessing over the past several days may be coming to end. This seemed to hold true when Bitcoin rose from $6,900 to $7,100 – a $200 jump from where it had long stood.

All Barricades Defied?

the currency rose to just under $7,500 following the announcement that Coincheck – one of Japan’s biggest cryptocurrency exchange platforms and the recent victim of a hack that saw over $500 million in NEM stolen last January – would likely be “rescued” by Tokyo-based exchange Monex Group.

The company issued a formal statement saying that it was in talks with Coincheck about a possible “takeover,” and that a deal could be reached by the end of the week. This sent the price of bitcoin surging, as hope and enthusiasm once again found themselves fluttering through the cryptocurrency arena.

This positivity was short-lived, however, as a near $600 drop in the price occurred the following day, and bitcoin fell to about $6,800. Now, the coin has settled for $100 less and is trading at approximately $6,800, suggesting that the currency is holding its ground, but has undoubtedly been affected by recent trends.

There appear to be several reasons for the latest drop, one being a hack that occurred on Verge’s blockchain.

Verge is a privacy-oriented cryptocurrency, and it’s alleged that hackers may have implemented several bugs in its system to walk off with anywhere between $15,000 and $1 million in company coins (sources differ greatly in how much the amount totals).

While the attack took place on an altcoin, the story raises several questions. Verge’s blockchain requires a proof-of-work validation mechanism, much like Bitcoin and Ethereum, which makes users wonder if these latter blockchains are also vulnerable to similar bugs and malware.

Larger news stemming from India likely took a larger toll on the coin’s position and current pricing. The country’s of India’s Reserve Bank has hinted that it plans to potentially ban Bitcoin trading on a whole while building its own digital currency. This has led to negative reactions among residents, who claim that a national virtual currency wouldn’t necessarily be threatened by Bitcoin and other forms of crypto.

The move could be especially damaging considering India accounts for roughly 10 percent of the world’s cryptocurrency trades. A full ban on Bitcoin by India may wind up affecting not only users but the country’s financial stability in the global blockchain market.

Not Much Help from “Experts”

In addition, several other leading cryptocurrencies have also experienced serious drops in their prices. Ethereum is down to about $380, while Bitcoin Cash is hovering at just over $630. Ripple is hovering around $0.50. Litecoin is trading at a new low of approximately $116.

Thus far, we have experienced mixed reactions from analysts, some of whom claim Bitcoin could encounter a solid bull run by the year’s end. Others feel that the coin’s final days are near, and the bubble surrounding Bitcoin has officially been popped.

Author Nick Marinoff April 6, 2018

Posted by David Ogden Entrepreneur

David

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS – Price Analysis, April 02

The Chinese ban on cryptocurrency trading, the possibility of a similar ruling in South Korea and the fear of regulations around the globe were some of the reasons that started the current decline.

However, with the election of Yi Gang as the head of People’s Bank of China (PBoC), the country’s central bank, some market experts believe that the Chinese ban on cryptocurrency trading might be overturned.

South Korean regulators are finalizing the taxation framework for cryptocurrencies and will most likely throw some light on the probability of a full-scale regulation of the cryptocurrencies after mid-June.

This has not deterred the Mayor of Seoul to announce the creation of ‘S coin’, the cryptocurrency of the city. He also wants to encourage the development of Blockchain projects as he foresees the widespread use of the technology in the city.

Let’s see if we find any buy setups on any of the digital currencies we track?

BTC/USD

Bitcoin broke below the $7,000 mark on April 01, but the dip was purchased aggressively by the bulls. As a result, the price has been back above the $7,000 level once again.

The 20-day EMA is the important resistance to watch out for during any pullback, which is just above $8,200 levels. The bears will strongly defend this level, while the bulls will attempt to break out of it.

We should wait for the BTC/USD pair to sustain above the 20-day EMA before recommending any long positions.

The trend remains down, hence, we don’t find any buy setups on the digital currency.

ETH/USD

The bulls are struggling to defend the $355 to $385 support zone on Ethereum. Even at such critical supports, there is lack of buying, which shows weakness.

Any pullback on the ETH/USD pair will face selling at the downtrend line and above that at the 20-day EMA.

On the downside, the bears will gain strength once they sustain below $355. The next lower target is $275 to $300.

We have been anticipating a sharp pullback because the RSI is deeply oversold, but it has not yet materialized. We’ll become positive in the short-term once the virtual currency closes above the downtrend line.

BCH/USD

Bitcoin Cash continues to be under pressure. Currently, it is attempting to pullback from the April 01 lows of $653, but the buying remains tepid.

f the bulls fail to break above the $778.2021 levels soon, the BCH/USD pair will slide to $600 and below that to $558 levels.

We’ll have to change our bearish view only after the virtual currency breaks above the 20-day EMA and the resistance line of the descending channel. We expect a pullback because the RSI is oversold, but we don’t find any buy setups to trade it. Hence, we are not suggesting any long positions.

XRP/USD

Ripple is trading weak for the past four days. It has extended its fall after breaking below the critical support of $0.56270. The next major support is way lower at $0.22, however, as the RSI is oversold, we expect it to pull back soon.

If the XRP/USD pair manages to scale above the $0.57 level, it will indicate that the markets have rejected the lower levels. Until then, all small pullbacks will be sold.

Hence, we shall wait for the bulls to sustain above $0.57 before suggesting any long positions.

XLM/USD

Stellar is attempting to bounce off the downtrend line. The positive divergence on the RSI is a bullish sign.

The current pullback will face resistance at the 20-day EMA and above that at $0.27 levels. If the bulls fail to break out of these two levels, the XLM/USD pair can slide to $0.16 and then to $0.11 levels.

We’ll attempt long positions once the price sustains above $0.27.

LTC/USD

Litecoin has been trading in a tight range for the past three days. The bears have not been able to break below the critical February 02 support of $107.102.

In the same way, the bulls have not been able to force a pullback, hence, the tight range. If the $107.102 level breaks, the next support is at $84.706.

However, as the RSI is in the oversold territory, we might get a pullback, which will face resistance at the 20-day EMA and the downtrend line.

Our goal is to wait for a buy setup to form before attempting a trade on the LTC/USD pair.

ADA/BTC

After a prolonged downtrend, Cardano has entered a range with support at 0.00001690 and resistance at 0.00002460.

The longer the ADA/BTC pair remains in the range, stronger the breakout will be, when it happens.

Hence, we retain the recommendation provided in our previous analysis to buy on a close (UTC) above 0.00002460 levels. The pattern target of this break is 0.0000323, which can easily be exceeded on the upside. The initial stop loss can be kept at 0.00001800, which can be raised later.

NEO/USD

NEO has broken below the March 18 lows of $49.04, which is a bearish development. The next support on the downside is at $31.15.

The RSI has again entered the oversold zone, hence, a pullback to the 20-day EMA is possible.

The NEO/USD pair will attract buyers once it sustains above $65 levels. Until then, every recovery will be sold into.

The digital currency needs to show sustained buying before we suggest any trade on it.

EOS/USD

For the past three days, EOS has been trading between $5.1 and $6.2. The 20-day EMA has been acting as a stiff resistance.

Once the EOS/USD pair breaks out of the 20-day EMA, the resistance line of the descending channel, and the 50-day SMA, it will become positive.

Hence, we have been recommending to buy the digital currency at $7.5, with a stop loss of $5. The target objective is a rally to $11.

Our bullish view will be invalidated if the virtual currency breaks below $5 and slides to $4 levels.

Author Rakesh Upadhyay

Posted by David Ogden Entrepreneur

David

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS – Price Analysis, March 21

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS - Price Analysis, March 21

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS – Price Analysis, March 21

The G20 considers cryptocurrencies risky, said the head of Italy’s central bank, but the broad consensus is that they should not be banned. After days of negative news, this is a positive shift for the cryptomarket. Led by Bitcoin, most cryptocurrencies are trying to pull back from their recent lows.

The plunge in cryptocurrencies from their December highs had scared off new wannabe cryptocurrency investors. Once the tide turns, we may see fresh money trickle back into the markets.

A recent survey by Finder.com shows that only 8 percent of the Americans own cryptocurrencies and another 8 percent plan to buy it in the future. With about 92 percent of the population still untapped, the markets have a long way to go. There is still enough skepticism and fear due to the huge volatile moves in the digital currencies. However, if traders plan properly, the risks are way less than made out to be.

Let’s watch the setups that are developing on the top coins.

BTC/USD

Bitcoin broke out of the descending channel on March 20, which is a bullish sign. It had broken out once earlier on March 02, but it could not sustain the higher levels. Within six days, the price was back inside the channel. Will the same thing repeat again?

Just above the resistance line of the descending channel are resistances from the 20-day EMA and the 50-day SMA. We expect the bears to strongly defend this zone because once the price breaks out of this, the BTC/USD pair will rally to $12,172.

The next dip towards the $8,800 levels should offer the traders a good entry opportunity. They should purchase 50 percent of the desired allocation around $8,800 with a stop loss of $7,600. The remainder of the position can be added once the cryptocurrency is clear of both moving averages.

The target objective on the upside is a rally to $12,000.

ETH/USD

Ethereum is trying to break out of the descending channel (marked 2 on the chart) and the overhead horizontal resistance at $565.54. If successful, we’ll see a rally to the 20-day EMA at $650, which will most likely trigger bears selling.

Above the 20-day EMA, the resistance line of the descending channel and the 50-day SMA are the other two significant resistance levels.

Aggressive traders can buy if the price closes above $575 (in the UTC time frame). The initial stop loss can be placed at $500. If the cryptocurrency struggles to break out of $660, the positions can be closed.

On the contrary, if the ETH/USD pair turns back below $565, it will become weak, and the price will experience a retest of the recent lows.

BCH/USD

Bitcoin Cash has broken out of the downtrend line and is currently trying to move above the 20-day EMA. There are a number of resistances between $1,100 to $1,200.

Currently, the cryptocurrency remains in a downtrend, as both moving averages are falling and the price is still below them. Once it sustains above $1,200, we can expect the BCH/USD pair to attract buyers and rally towards $1,600. We should wait for Bitcoin Cash to break out of the 50-day SMA before suggesting any trades.

On the downside, $980 and $880 will act as strong support on declines.

XRP/USD

In our previous analysis, we had recommended a long position for Ripple at $0.71, which got filled on March 19. The stop loss for the trade is $0.53, which is just below the low on March 18.

On March 20, the XRP/USD pair formed an inside day candlestick pattern. The range has shrunk again today, showing indecision between the bulls and the bears.

If the consolidation of the past two days breaks out of $0.73, the pullback will gain strength.

On the upside, the bears will pose a stiff challenge in the zone between the 20-day EMA and the 50-day SMA. Once the price breaks out of the $0.9 levels, the cryptocurrency should rally to $1.1 and then to the upper end of the $1.2 range.

We need to close the position if the price struggles to break out of any of the above-mentioned resistances.

XLM/USD

Stellar has pulled back from the lows of $0.2 to the 20-day EMA. It has broken out of the downtrend line meanwhile, which confirms that the negative momentum is weakening.

Still, the bears will try to defend the 20-day EMA. If the bulls purchase the subsequent dip around the $0.23 mark, it will offer the traders an opportunity to initiate long positions. We are suggestingan aggressive trade on the XLM/USD pair because we find that the 20-day EMA, the resistance line of the descending channel and the 50-day SMA have not offered a strong resistance previously.

The position can be covered if the daily close (UTC) is below $0.18. On the upside, we can expect a rally to $0.35. If this level is crossed, a move to $0.47 can’t be ruled out.

LTC/USD

Litecoin looks strong as it has pulled back smartly from the lows of $144.544. It has broken out of the downtrend line, which is a positive sign. The current recovery might face a stiff resistance between the 20-day EMA and $187. We need to wait for the next dip to initiate long positions.

We find a large symmetrical triangle formation on the LTC/USD pair, which will break out above $205. Though the target objective is way higher, we can trade it for an up move to $240 and after that to $300.

Two possibilities are developing. Either buy on a dip towards $165 with a $142 stop loss or wait for a breakout above $205 to enter long positions with a stop loss at $180.

ADA/BTC

Cardano has broken out of the downtrend line for the first time since January this year. This is a major development as it shows that the trend is changing.

700

Right now, the ADA/BTC pair is facing resistance at 0.00002460. Once the bulls clear this resistance, a move to 0.000035 is possible.

Therefore, we suggest long positions if the price sustains at 0.000025 levels for four hours. The stop loss can be kept at 0.000016.

NEO/USD

NEO has pulled back sharply from its recent lows of $49.04. This shows that the markets have rejected the breakdown and the lower levels. We expect a stiff resistance at the $86 levels.

If the NEO/USD pair finds support at the $65 mark during the next dip, it will signal a bottom formation and can be purchased with a stop below $48.

But if the price continues to march higher, then $90 is a good level to enter long positions with an initial stop loss of $70, which can be raised later. Our first target objective is a move to $115, where we anticipate selling. If NEO breaks out of $120, the momentum should pick up and push prices towards $140 levels.

EOS/USD

EOS has risen sharply from its lows of $3.8723. For the past two days, it is facing selling at the 20-day EMA, but it has not given up much ground, which is a positive indication.

If the EOS/USD pair rallies above $6.3, it should move up to the resistance line of the descending channel.

Prices have turned down from the channel line on two previous occasions, hence, this will act as a stiff resistance. At the moment, we don’t have an attractive risk to reward ratio, that’s why we don’t recommend making any trades on it.

Author: Rakesh Upadhyay

Posted by David Ogden Entrepreneur

David

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS – Price Analysis, March 16

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS - Price Analysis, March 16

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS – Price Analysis, March 16

Fundstrat's Thomas Lee believes that Bitcoin mining is an unprofitable venture at current prices. A model developed by his data science team has pegged the breakeven price at $8,038.

If prices fall further, the miners will start to lose money on their operations. Shone Anstey, co-founder and president of Blockchain Intelligence Group opines that this may force a few miners to stop their operations.

Technical analysts watch the 50-day MA and the 200-day MA closely to forecast the path of least resistance. A death cross, a situation where the short-term moving average falls below the long-term moving average, indicates weakness. Paul Day, a technical analyst and head of futures and options at Market Securities Dubai Ltd believes that if the cross occurs, Bitcoin can sink to $2,800.

It is common to see wild price forecasts on the downside when Bitcoin is falling. We saw similar outrageous forecasts on the upside when the cryptocurrency was rising.

Though we do keep those factors in mind, we should not be worried much by them. Let’s see what our analysis forecasts.

BTC/USD

Bitcoin fell to $8,066.61 levels on March 15. The bulls are trying to defend the $8,000 levels and pullback towards the $9,500 levels.

The BTC/USD pair remains in a downtrend as prices are trading inside the descending channel and below both moving averages. The 20-day EMA has broken below the 50-day SMA, which is another bearish move.

If prices fail to sustain above the overhead resistance zone of $9,500 to $10,000, the cryptocurrency can fall to $7,850 and after that to the February 06 lows of $6,075.04.

Our bearish view will be invalidated if the bulls manage to sustain above the $10,000 levels.

ETH/USD

Ethereum extended its downtrend as it fell to $568.29 on March 15, close to the February 06 lows of $565.54. This is major support.

We expect the bulls to attempt a bounce from these levels. The pullback will face selling pressure at the 20-day EMA and the resistance line of the descending channel.

If the bounce fails to gain strength, the next down leg in the ETH/USD pair will break below the $565.54 support and move lower to $500 and then to $430 levels.

Aggressive traders can buy a very small position, about 30 percent of the usual position size at $630, if the level sustains for about four hours. The stop loss can be kept at $560. If the price fails to break out of $700, positions can be closed, else please trail the stops higher.

BCH/USD

Bitcoin Cash fell to $910.6798 levels on March 15. Currently, the bulls are attempting a pullback from the supports.

The downtrend line should act as the first level of resistance. Above this, the 20-day EMA and $1,150 will act as resistance. If the cryptocurrency turns down from these levels and breaks below $900, it can slide to $778.2021.

The BCH/USD pair will become positive in the short term once the price sustains above $1,150.

XRP/USD

Ripple found support at the $0.62681 levels on March 15. We believe that the support zone between $0.695 and $0.5627 will hold.

The bulls are attempting to pull back above the March 15 high of $0.72685. Once this level is crossed, a move to the 20-day EMA is possible where the cryptocurrency will face strong selling pressure.

During the next decline, if the XRP/USD pair does not break below $0.695, we can expect it to trade in a large range. We may try to trade this, but as we don’t see any buy setup, hence, we don’t recommend any trade on it at the moment.

XLM/USD

Stellar remains in a downtrend, and it continues to decline gradually. It is close to our first lower target of $0.22.

If the bulls fail to defend these levels, the XLM/USD pair can slide towards the support line of the descending channel.

We remain bearish on the cryptocurrency until it stays below the 20-day EMA, the downtrend line and $0.32.

LTC/USD

Litecoin is trying to pull back towards $186.823 levels, where we expect another bout of selling by the bears.

Both moving averages, the downtrend line and the horizontal line, all converge around $187 levels making it important resistance. If prices turn down from the resistance and break below $157.236, it might fall to $141.

The LTC/USD pair will indicate strength if it can sustain above $187 levels for a day.

ADA/BTC

We expected Cardano to trade in a range, but prices turned down from 0.00002482 levels on March 14 and are now on its way towards the next lower target of 0.00001690.

It continues to be in a strong bear grip as the cryptocurrency has not even touched the 20-day EMA for more than a month.

The ADA/BTC pair will become positive once prices break out of the downtrend line and the 20-day EMA. Until then, all attempts to recover will face selling at the resistance.

NEO/USD

The bulls are trying to hold the critical support level of $63.62 on NEO. We can expect a retest of the breakdown level at $86. If the bulls succeed in sustaining above this overhead resistance, it will indicate that the bears are losing strength.

If prices turn down from $86 levels, we anticipate the next down move to a breakdown of $63.62 and move towards the lower target objective of $49.

We should wait for a confirmed buy setup to initiate a long position on the NEO/USD pair.

EOS/USD

EOS has been declining gradually for the past few days. It fell to a low of $4.7484 on March 15. We can expect the bulls to attempt a pullback from the current levels, but the 20-day EMA has been acting as strong resistance since end-January of this year. If prices turn down once again from there, a fall to $3.26 is likely.

If the EOS/USD pair sustains above the $7 levels, we can expect it to rally to the 50-day SMA and then to $10 levels.

Currently, we don’t find any buy setups on the cryptocurrency.

Author: Rakesh Upadhyay

Posted by David Ogden Entrepreneur

David